Boosting trade efficiency in Egypt, Minister of Finance Maait allows importers to initiate pre-customs clearance and pay a reduced percentage upfront.
Egypt's Minister of Finance Mohamed Maait announces initiative to facilitate trade by accelerating customs clearance
Dr. Mohamed Maait, the Minister of Finance, has issued a decree granting importers or their customs brokers the authority to initiate pre-customs clearance procedures for goods imported from abroad.
They are now allowed to pay only 1% instead of the initial estimated 30% of taxes and fees before the arrival of the goods on Egyptian territory.
The final settlement and full payment of the applicable taxes and fees are to be made upon the arrival of the goods, in accordance with the prevailing customs tariff at the time of release.
The Minister explained that in the case of re-exporting goods for which pre-customs clearance procedures have been previously undertaken or goods that are disposed of according to the legally prescribed procedures, the Customs Authority is obliged to refund the previously collected amounts upon re-exportation or disposal without offsetting these amounts against any other goods or obligations.
This initiative aims to facilitate transactions within the customs system and expand the scope of pre-customs clearance for goods prior to their arrival at the ports.
The Minister emphasized the commitment to provide all possible facilitations for those dealing with the Customs Authority, including importers, owners of goods, and their customs brokers, by overcoming any obstacles they may face.
This will help reduce customs clearance time and consequently contribute to cost reduction for goods and services.
Egypt has been implementing a series of measures and reforms aimed at enhancing its business environment and facilitating trade.
These efforts include streamlining customs procedures, reducing bureaucratic hurdles, and introducing digital solutions to expedite clearance processes.
The government's commitment to providing ease of doing business and reducing costs for importers and businesses reflects its dedication to fostering economic growth and attracting investments.
